Whilst creosoting and various similar tar preparations for wood might have been applied or used hot, raddle is a mixture of grease and dye. It looks like melted red crayon and marks like hell.
If it was ochre and tar mixed then applied, the tar would not seem more than black -a little reddish in some lights. Lanolin is a very sticky water resistant grease, not dissimilar to tallow (from another thread) in it's weather-proofing but much less likely to fall off in the rain.
Red ochre dusted over tar would serve what purpose? Stop it transferring to the clothes of passers-by?
Red ochre? Really? Only used at street level then?
Was the raddle not used as a cheap and easily found form of mastic waterproofing? From its place on your building what might one assume it's main use was?